Mondi pulls out of Russia over Ukraine invasion

Packaging and paper producer Mondi has followed up on its promise to disinvest from Russia following its invasion of Ukraine.

The company had said in May that “having assessed all options for the group’s interests in Russia and recognising its corporate values, the board has decided to divest the group’s Russian assets”.

The company’s Russian operations net assets was estimated at €687-million. Mondi on Friday said it had entered into an agreement to sell its most significant facility in Russia, Joint Stock Company Mondi Syktyvkar, to Augment Investments for about €1.5-billion (about R25-billion).